DIRECT INVESTMENTSArtemis res...

DIRECT INVESTMENTS
Artemis res		Au	blackwater	BC	12Moz+Ag	advanced
Banyan		Au base metals		Yukon	bulk low grade	early stage
Centamin		Au	Sukkari	Egypt/Africa	15Moz	Producing
Dolly Varden		Ag Au	Dolly V	BC	1.8Moz+Ag	Past
Marathon		Au	Valentine	Newfoundland	4Moz	development
Mayfair		Au	Fenn-Gibb	Ontario	3Moz	development
Northisle		Cu Au		BC	4Moz+Cu	development
Signal Gold		Au	Goldboro	Maritimes Can	1Moz	early stage
Skeena		Au base metals	Eskay Ck	BC	4Moz + Ag	development
Tesoro		Au	El Zorro	Chile	1Moz	early stage

Summary of companies currently listed on Nebari's current Website.
Locations, Projects, commodities, resources, status ALL SIMPLIFIED DYOR

TRANSACTION COMPANIES
company	loan	materiial 'production'	project		resource
Excelsior	30	cu 125Mlb/ann	Gunnison	arizona	good
Tulla	21.5	Au	norseman	wa	4 Moz
Greenland Ruby	18	rubies sapphires		Greenland	?ok
Speyside	16.125	Aggregate		New York	?ok
Osino	15	gold		Namibia	2 Moz
Empress royalty	15	au streaming		Canada +	na
Comstock	14.325	Ag Au tech?		Nevada	ok
Rawhide	12	au cu?		Nevada	0.4 Moz	didn't like web site
Allegiance	11.9	mett coal		US bc	good
Nova	7	Au		Alaska	9.6 Moz
Auctus	6.5	??		Qld?	?? No WWW	dodgy looking mob
Mako	6	Au		Nicaragua	low high grade
Horiizon	5	Au + vanadium	boorara	Kal Qld	1 Moz
Pembroke	5	Coking coal	Olive downs	Qld	Large
Australian garnet	5	Garnet	Lucky bay	WA	Large
Maroon Gold	3	??Au or mill	Blackjack??	Qld	?? No WWW	Odd one cf Auctus
Vendetta	2.25	Pb Zn	Pegmont	Qld	Small/med
AMD	2	Au	Blackjack??	Qld	Small	see Maroon Gold
Sae exoln	1.966	Services		World	Geophysics	Texas Based
	$197.566M

$200M in direct cash plus an unknown amount for the direct investments.

Some comments.

• Strong bias to gold but wide diversity of commodities and services.
• Eclectic mix of commodities??
• Strong bias to developers with few actual producers (Centamin/garnet/rubies, coal?, aggregate, services)
• Most but definitely not all Au explorers/developers have world class resources - +3Moz
• Wide range of project status - early explorer to producer with many in the transition phase MRE to development+
• Centamin stands out as a long term producer which is leveraging their Egyptian mine into becoming a mid tier producer from multiple mines.
• The size of direct cash amounts varies greatly - reflects?? Rubies in Greenland; Aggregate in NY state; Insitu Cu leaching Arizona; streaming; Au near past producer at Norseman.
• They do seem to like left overs from past producers Tulla, Skeena, Charters Towers, Northisle (?former Island copper mine).
• Also up and coming Au projects - Artemis (BC version), Nova, Marathon, Mayfair plus some at earlier stages. All of these are well known in Canada - Nova perhaps the least recognized being primarily ASX listed.
• Couple of unusual choices - Auctus and Maroon Gold do not have websites and google search suggests corporate issues. Maroon seems to be related to AMD via a processing plant at Blackjack. My search was very cursory so $5M into these companies suggests more to the story.

Serious money doesn't get thrown away on poor projects by the likes of management at Nebari. Diversification with a focus on gold seems to be a theme for them.
Easy to see why NVA's Estelle came up in their search. Time will tell if they and holders here made a good choice.

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A couple of examples of deposits with large resources that have cost investors money.

Wiluna - Blackham and its successor who recently went into receivership courtesy of the "special operation" in Ukraine. 5-7Moz Au with the majority in refractory category- production being sent to Russia for processing. I lost some but got out early enough.

Amani - 4M0z @1 g/t Au 0.5g/t Cut off. DRC and a board with history.

I daresay there are many more such deposits that can't make it over the many hurdles needed to become profitable mines in a world where change is always happening.

Donlin: Price tag - remote - 'low grade' in the sense that it needs a large open pit or two or three vs the high grade UG at a Lupin/Eskay creek (1980s as well).

Donlin Creek has been around for decades and its future may impact Estelle with access and a gas pipeline potentially being synergistic for NVA. Probably a couple of deposits with multi decade mine lives.